Former CEO of Vodafone invests in consumer solutions startup OneAssist

OneAssist

Mumbai-based consumer solutions startup, OneAssist has raised an undisclosed amount from Arun Sarin, a former CEO of Vodafone Group.

The investment is a part of the company’s Series-C fundraise held in June, in which it raised Rs 118 crore led by Sequoia Capital India.

OneAssist, which provides protection services to consumers in gadgets, wallet and payments cards, will use the latest funds to invest in technology for the services arm of its business as also to improve customer experience.

Also Read: Bootstrapped Warrior: How GroSum, a performance management startup, has mastered survival game

“Arun Sarin’s knowledge and guidance will be singularly invaluable to us as we build OneAssist into a leading assistance and protection company,” said Gagan Maini, cofounder, OneAssist.

The round comes two years after the company raised $7.5 million (Rs. 48 crores) in its series-B round, then led by Assurant, making it the Fortune 500 insurer’s first bet in India.

Incorporated in June 2011, by Gagan Maini and Subrat Pani, OneAssist also offers mobile repair services for electronic gadgets like Mobile, Laptop, and tablets. Besides, it works with mobile retailers and original equipment makers such as Xiaomi for the MobileAssist service.

Also Read: IoT set to take over enterprises, to touch $1.6 Bn mark by 2020

The company has partnered with, HDFC Bank, ICICI bank, MakeMyTrip, TheMobileStore, Spice, Xiaomi, IndusInd Bank. The company aspires to expand its service arm in home appliances category as of now it provides warranty services only.

In August 2015, the startup had raised $7.5 million in Series-B financing from Assurant, Inc, SequoiabCapital India and Lightspeed Venture Partners.

In FY 2016, the startup saw its revenue surge up to 188 per cent annually to Rs 40.7 crore, even as losses surged 25 per cent to Rs 18.1 crore. The startup is expecting 2X growth in revenue by 2018 through the sales.

OneAssist: Website

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here